Kernel Announced Q1 FY2013 Operations Update

OREANDA-NEWS. October 29, 2012. Kernel Holding S.A. is pleased to publish the Operations Update for the three months ended 30 September 2012.

Production, sales and throughput:

Key highlights:

60.2% crushing volumes growth and 89.3% yoy growth in bulk oil sales owing to solid carried-forward sunflower seed and oil inventories from Q4 FY2012; along with lower maintenance period compared to the last year

Ukraine's historical high carried-forward grain stocks mostly offset the 2012/13 season's production shortfall

First grain export contract from Russia executed in July 2012

Export terminal throughput up 89.2% yoy on the faster pace of the grain export from Ukraine Corporate:

50-50 joint venture formed with Renaisco BV, a subsidiary of Glencore International plc. The joint venture has acquired a 100% interest in a deep water grain export terminal in Taman port, Russia on September 27, 2012 for the enterprise value of USD 265 million, including transaction costs, financed with a combination of equity and debt.

Liquidity headroom improved to respond to skyrocketing grain prices. Credit lines available as of 30 September 2012 stood at USD 1.6 billion compared with USD 1.2 billion as of 30 September 2011.

Condensed Consolidated Financial Statements for the 3 months ended 30 September 2012 will be published after the market close on 27 November 2012.